This form is a Contract for the Sale and Purchase of Commercial Real Estate. The form requires information such as: property condition, earnest money, taxes pro ration and utilities. The form provides that the seller has agreed to sell and the buyer will purchase the property described in the form. This contract also contains a contingency for purchase based upon the sale of another property owned by the buyer.
Ohio Contract for the Sale and Purchase of Real Estate - No Broker - Commercial Lot or Land
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State:
Multi-State
Control #:
US-00472C
Format:
Word;
Rich Text
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How to fill out Contract For The Sale And Purchase Of Real Estate - No Broker - Commercial Lot Or Land?
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FAQ
Ohio law allows you to buy and sell your own real estate without hiring an agent. You can market it yourself, put it on a listing service through a flat fee brokerage, create flyers and distribute those as you desire.
To obtain a sale and purchase agreement you'll need to contact your lawyer or conveyancer or a licenced real estate professional. You can also purchase printed and digital sale and purchase agreement forms online.
If the contract isn't recorded, the seller could easily put a new mortgage on the property. Also, since the seller retains title, the buyer also can lose the property to a seller creditor claim without receiving notice or a hearing. The buyer also can lose the property if real estate taxes aren't paid.
Upon execution, the commercial land contract in Ohio must be recorded with the county recorder's office within the jurisdiction of the real estate (per Ohio Rev Code § 5301.01).
Requirements can vary from state to state, but when executed in Ohio, land contracts must include specific details, such as the following:Personal information.Specific dates.Full description of the property.Total sale price, down payment, and payment schedule.Interest rate.Frequency of statements.More items...
If you're a buyer or seller looking for a sale and purchase agreement, you'll need to contact your lawyer or conveyancer, a licensed real estate professional or the Auckland District Law Society (ADLS). You can also purchase digital sale and purchase agreement forms online.
Properties to be acquired through an unrecorded land contract must be treated as a purchase. When the purpose of the new mortgage is to pay off an outstanding recorded land contract, the transaction is treated as a Rate and Term Refinance.
Liens and other encumbrances must be paid in full before a land contract is executed. A land contract must be recorded soon after it is executed. Deviation from land contract laws are only permittable when both buyer and seller have their own attorneys.
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?
The piece of land must be in Ohio and must be improved by a dwelling. The seller retains title to the property as security for the buyer's obligation. In Ohio, land contracts are governed by Ohio Revised Code Chapter 5313. Land contracts are complicated.